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Using Leverage to Chase Returns
Good Risk Governance Pays 
Aug. 21, 2014
"It is not surprising then that the reaction to news accounts about what sounds like a material use of leverage by the San Diego County Employees Retirement Association (SDCERA) is drawing criticism.... Although not an ERISA plan, SDCERA trustees are tasked with a duty to 'act with skill, care and diligence' and 'follow the prudent person rule' and to 'act in good faith and in the best interest of members, beneficiaries and the fund as a whole.' It is therefore critical to know whether the intention to add more investment risk, in anticipation of greater returns, is something that SDCERA is allowed to do and whether a structural foundation has been created to support procedural prudence."
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